THE FIRST SCHEDULE
(See section 2)
PART I
INCOME-TAX
Paragraph A
(I) In
the case of every individual other than the individual referred to in items (II)
and (III) of this Paragraph or Hindu undivided family or association of
persons or body of individuals, whether incorporated or not, or every
artificial juridical person referred to in sub-clause (vii) of clause (31)
of section 2 of the Income-tax Act, not being a case to which any other
paragraph of this Part applies,—
Rates of income-tax
|
(1) |
where the total
income does not exceed Rs. 1,10,000 |
Nil; |
|
(2) |
where the
total income exceeds Rs.1,10,000 but does not exceed Rs. 1,50,000 |
10 per cent of
the amount by which the total income exceeds Rs. 1,10,000; |
|
(3) |
where the total
income exceeds Rs. 1,50,000 but does not exceed Rs. 2,50,000 |
Rs. 4,000 plus
20 per cent of the amount by which the total income exceeds Rs. 1,50,000; |
|
(4) |
where the
total income exceeds Rs. 2,50,000 |
Rs. 24,000 plus
30 per cent of the amount by which the total income exceeds Rs. 2,50,000. |
(II) In
the case of every individual, being a woman resident in India, and below the
age of sixty-five years at any time during the previous year,—
Rates of income-tax
|
(1) |
where the
total income does not exceed Rs. 1,45,000 |
Nil; |
|
(2) |
where the
total income exceeds Rs. 1,45,000 but does not exceed Rs. 1,50,000 |
10 per cent of
the amount by which the total income exceeds Rs. 1,45,000; |
|
(3) |
where the total
income exceeds Rs. 1,50,000 but does not exceed Rs. 2,50,000 |
Rs. 500 plus
20 per cent of the amount by which the total income exceeds Rs. 1,50,000; |
|
(4) |
where the
total income exceeds Rs. 2,50,000 |
Rs. 20,500 plus
30 per cent of the amount by which the total income exceeds Rs. 2,50,000. |
(III)
In the case of every individual, being a resident in India, who is of the age
of sixty-five years or more at any time during the previous year,—
Rates of income-tax
|
(1) |
where the total
income does not exceed Rs. 1,95,000 |
Nil; |
|
(2) |
where the total
income exceeds Rs. 1,95,000 but does not exceed Rs. 2,50,000 |
20 per cent of
the amount by which the total income exceeds Rs. 1,95,000; |
|
(3) |
where the total
income exceeds Rs. 2,50,000 |
Rs. 11,000 plus
30 per cent of the amount by which the total income exceeds Rs. 2,50,000. |
Surcharge on income-tax
The amount of
income-tax computed in accordance with the preceding provisions of this paragraph,
or in section 111A or section 112, shall,—
(i) in the case of every individual or Hindu
undivided family or association of persons or body of individuals having a
total income exceeding ten lakh rupees, be reduced by the amount of rebate of
income-tax calculated under Chapter VIII-A, and the income-tax as so reduced,
be increased by a surcharge for purposes of the Union calculated at the rate of
ten per cent of such income-tax;
(ii) in the case of every person, other than those
mentioned in item (i), be increased by a surcharge for purposes of the
Union calculated at the rate of ten per cent of such income-tax:
Provided that in case of persons mentioned in item (i)
above having a total income exceeding ten lakh rupees, the total amount payable
as income-tax and surcharge on such income shall not exceed the total amount
payable as income-tax on a total income of ten lakh rupees by more than the
amount of income that exceeds ten lakh rupees.
Paragraph B
In the case of
every co-operative society,—
Rates of income-tax
|
(1) |
where the total
income does not exceed Rs.10,000 |
10 per cent of
the total income; |
|
(2) |
where the total
income exceeds Rs.10,000 but does not exceed Rs. 20,000 |
Rs.1,000 plus
20 per cent of the amount by which the total income exceeds Rs.10,000; |
|
(3) |
where the total
income exceeds Rs. 20,000 |
Rs. 3,000 plus
30 per cent of the amount by which the total income exceeds Rs. 20,000. |
Paragraph C
In the case of
every firm,—
Rate of income-tax
|
On the whole
of the total income |
30 per cent |
Surcharge on income-tax
The amount of
income-tax computed at the rate hereinbefore specified, or in section 111A or section
112, shall, in the case of every firm having a total income exceeding one crore
rupees, be increased by a surcharge for purposes of the Union calculated at the
rate of ten per cent of such income-tax:
Provided that in the case of every firm having a total
income exceeding one crore rupees, the total amount payable as income-tax and
surcharge on such income shall not exceed the total amount payable as
income-tax on a total income of one crore rupees by more than the amount of
income that exceeds one crore rupees.
Paragraph D
In the case of
every local authority,—
Rate of income-tax
|
On the whole
of the total income |
30 per cent |
Paragraph E
In the case of
a company,—
Rates of income-tax
|
I. In the
case of a domestic company |
30 per cent of
the total income; |
|
II. In the case of a company other than a domestic company— (i) on so much of the total income as consists
of,— (a) royalties received from Government or an
Indian concern in pursuance of an agreement made by it with the Government or
the Indian concern after the 31st day of March, 1961 but before the 1st day
of April, 1976; or (b) fees for rendering technical services
received from Government or an Indian concern in pursuance of an agreement made
by it with the Government or the Indian concern after the 29th day of
February, 1964 but before the 1st day of April, 1976, |
|
|
and where such agreement has, in either
case, been approved by the Central Governmen |
50 per cent; |
|
(ii) on
the balance, if any, of the total income |
40 per cent |
|
|
|
|
|
|
Surcharge on income-tax
The amount of
income-tax computed in accordance with the preceding provisions of this
Paragraph, or in section 111A or section 112, shall, in the case of every company,
be increased by a surcharge for purposes of the Union calculated,—
(i) in the case of every domestic company having a
total income exceeding one crore rupees, at the rate of ten per cent of such
income-tax;
(ii) in the case of every company other than a
domestic company having a total income exceeding one crore rupees, at the rate
of two and one-half per cent.
Provided that in the case of every company having a
total income exceeding one crore rupees, the total amount payable as income-tax
and surcharge on such income shall not exceed the total amount payable as
income-tax on a total income of one crore rupees by more than the amount of
income that exceeds one crore rupees.
PART II
RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES
In every case
in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D and
195 of the Income-tax Act, tax is to be deducted at the rates in force,
deduction shall be made from the income subject to the deduction at the
following rates:—
|
|
Rate of income-tax |
|
1. In the case of a person other than a company— (a) where the person is resident in India— |
|
|
(i) on income by way of interest other than
“Interest on securities” |
10 per cent; |
|
(ii) on income by way of winnings from lotteries,
crossword puzzles, card games and other games of any sort |
30 per cent; |
|
(iii) on income by way of winnings from horse
races |
30 per cent; |
|
(iv) on income by way of insurance commission |
10 per cent; |
|
(v) on income by way of interest payable on— (A) any debentures or securities for money
issued by or on behalf of any local authority or a corporation established by
a Central, State or Provincial Act; (B) any debentures issued by a company where
such debentures are listed on a recognised stock exchange in India in
accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956)
and any rules made thereunder (C) any security of the Central or State
Government |
10 per cent; |
|
(vi) on any other income |
20 per cent; |
|
(b) where the person is not resident in India— (i) in the case of a non-resident Indian— |
|
|
(A) on any investment income |
20 per cent; |
|
(B) on income by way of long-term capital gains
referred to in section115E |
10 per cent; |
|
(C) on income by way of short-term capital gains
referred to in section 111A |
15 per cent; |
|
(D) on other income by way of long-term capital gains
[not being long-term capital gains referred to in clauses (33), (36)
and (38) of section 10] |
20 per cent; |
|
(E) on income by way of interest payable by
Government or an Indian concern on moneys borrowed or debt incurred by Government
or the Indian concern in foreign currency (F) on income by way of royalty payable by
Government or an Indian concern in pursuance of an agreement made by it with
the Government or the Indian concern where such royalty is in consideration
for the transfer of all or any rights (including the granting of a licence)
in respect of copyright in any book on a subject referred to in the first
proviso to sub-section (1A) of section 115A of the Income-tax Act, to the
Indian concern, or in respect of any computer software referred to in the
second proviso to sub-section (1A) of section 115A of the Income-tax Act, to
a person resident in India— |
20 per cent; |
|
(I) where the agreement is made on or after the
1st day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(II) where the agreement is made on or after the
1st day of June, 2005 |
10 per cent; |
|
(G) on income by way of royalty [not being
royalty of the nature referred to in sub-item (b)(i)(F)]
payable by Government or an Indian concern in pursuance of an agreement made
by it with the Government or the Indian concern and where such agreement is
with an Indian concern, the agreement is approved by the Central Government
or where it relates to a matter included in the industrial policy, for the
time being in force, of the Government of India, the agreement is in
accordance with that policy— |
|
|
(I) where the agreement is made on or after the 1st
day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(II) where the agreement is made on or after the
1st day of June, 2005 |
10 per cent; |
|
(H) on income by way of fees for technical
services payable by Government or an Indian concern in pursuance of an
agreement made by it with the Government or the Indian concern and where such
agreement is with an Indian concern, the agreement is approved by the Central
Government or where it relates to a matter included in the industrial policy,
for the time being in force, of the Government of India, the agreement is in
accordance with that policy— |
|
|
(I) where the agreement is made on or after the
1st day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(II) where the agreement is made on or after the
1st day of June, 2005 |
10 per cent; |
|
(I) on income by way of winnings from lotteries,
crossword puzzles, card games and other games of any sort |
30 per cent; |
|
(J) on income by way of winnings from horse races |
30 per cent; |
|
(K) on the whole of the other income |
30 per cent; |
|
(ii) in the case of any other person— |
|
|
(A) on income by way of interest payable by
Government or an Indian concern on moneys borrowed or debt incurred by Government
or the Indian concern in foreign currency (B) on income by way of royalty payable by
Government or an Indian concern in pursuance of an agreement made by it with
the Government or the Indian concern where such royalty is in consideration
for the transfer of all or any rights (including the granting of a licence)
in respect of copyright in any book on a subject referred to in the first
proviso to sub-section (1A) of section 115A of the Income-tax Act, to the
Indian concern, or in respect of any computer software referred to in the
second proviso to sub-section (1A) of section 115A of the Income-tax Act, to
a person resident in India— |
20 per cent; |
|
(I) where the agreement is made on or after the
1st day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(II) where the agreement is made on or after the
1st day of June, 2005 (C) on income by way of royalty [not being
royalty of the nature referred to in sub-item (b)(ii)(B)]
payable by Government or an Indian concern in pursuance of an agreement made
by it with the Government or the Indian concern and where such agreement is
with an Indian concern, the agreement is approved by the Central Government
or where it relates to a matter included in the industrial policy, for the
time being in force, of the Government of India, the agreement is in
accordance with that policy— |
10 per cent; |
|
(I) where the agreement is made on or after the
1st day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(II) where the agreement is made on or after the
1st day of June, 2005 (D) on income by way of fees for technical
services payable by Government or an Indian concern in pursuance of an agreement
made by it with the Government or the Indian concern and where such agreement
is with an Indian concern, the agreement is approved by the Central
Government or where it relates to a matter included in the industrial policy,
for the time being in force, of the Government of India, the agreement is in
accordance with that policy— |
10 per cent; |
|
(I) where the agreement is made on or after the
1st day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(II) where the agreement is made on or after the
1st day of June, 2005 |
10 per cent; |
|
(E) on income by way of winnings from lotteries,
crossword puzzles, card games and other games of any sort |
30 per cent; |
|
(F) on
income by way of winnings from horse races |
30 per cent; |
|
(G) on income by way of short-term capital gains
referred to in section 111A |
15 per cent; |
|
(H) on income by way of long-term capital gains [not
being long-term capital gains referred to in clauses (33), (36)
and (38) of section 10] |
20 per cent; |
|
(I) on the whole of the other income |
30 per cent. |
|
2. In the case of a company— (a) where the company is a domestic company— |
|
|
(i) on income by way of interest other than
“Interest on securities” |
20 per cent; |
|
(ii) on income by way of winnings from lotteries,
crossword puzzles, card games and other games of any sort |
30 per cent; |
|
(iii) on income by way of winnings from horse
races |
30 per cent; |
|
(iv) on any other income |
20 per cent; |
|
(b) where the company is not a domestic company— |
|
|
(i) on income by way of winnings from lotteries,
crossword puzzles, card games and other games of any sort |
30 per cent; |
|
(ii) on income by way of winnings from horse
races |
30 per cent; |
|
(iii) on income by way of interest payable by
Government or an Indian concern on moneys borrowed or debt incurred by
Government or the Indian concern in foreign currency (iv) on income by way of royalty payable by
Government or an Indian concern in pursuance of an agreement made by it with
the Government or the Indian concern after the 31st day of March, 1976 where
such royalty is in consideration for the transfer of all or any rights
(including the granting of a licence) in respect of copyright in any book on
a subject referred to in the first proviso to sub-section (1A) of section
115A of the Income-tax Act, to the Indian concern, or in respect of any
computer software referred to in the second proviso to sub-section (1A) of
section 115A of the Income-tax Act, to a person resident in India— |
20 per cent; |
|
(A) where the agreement is made before the 1st
day of June, 1997 |
30 per cent; |
|
(B) where the agreement is made on or after the
1st day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(C) where the agreement is made on or after the
1st day of June, 2005 (v) on income by way of royalty [not being
royalty of the nature referred to in sub-item (b)(iv)] payable
by Government or an Indian concern in pursuance of an agreement made by it
with the Government or the Indian concern and where such agreement is with an
Indian concern, the agreement is approved by the Central Government or where
it relates to a matter included in the industrial policy, for the time being
in force, of the Government of India, the agreement is in accordance with that
policy— |
10 per cent; |
|
(A) where the agreement is made after the 31st
day of March, 1961 but before the 1st day of April, 1976 |
50 per cent; |
|
(B) where the agreement is made after the 31st
day of March, 1976 but before the 1st day of June, 1997 |
30 per cent; |
|
(C) where the agreement is made on or after the
1st day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(D) where the agreement is made on or after the
1st day of June, 2005 (vi) on income by way of fees for technical
services payable by Government or an Indian concern in pursuance of an
agreement made by it with the Government or the Indian concern and where such
agreement is with an Indian concern, the agreement is approved by the Central
Government or where it relates to a matter included in the industrial policy,
for the time being in force, of the Government of India, the agreement is in
accordance with that policy |
10 per cent; |
|
(A) where the agreement is made after the 29th
day of February, 1964 but before the 1st day of April, 1976 |
50 per cent; |
|
(B) where the agreement is made after the 31st
day of March, 1976 but before the 1st day of June, 1997 |
30 per cent; |
|
(C) where the agreement is made on or after the 1st
day of June, 1997 but before the 1st day of June, 2005 |
20 per cent; |
|
(D) where the agreement is made on or after the
1st day of June, 2005 |
10 per cent; |
|
(vii) on income by way of short-term capital gains
referred to in section 111A |
15 per cent; |
|
(viii) on income by way of long-term capital gains
[not being long-term capital gains referred to in clauses (33), (36)
and (38) of section 10] |
20 per cent; |
|
(ix) on any other income Explanation.—For the purpose of item 1(b)(i)
of this Part, “investment income” and “non-resident Indian” shall have the
meanings assigned to them in Chapter XII-A of the Income-tax Act. |
40 per cent. |
Surcharge on income-tax
The amount of income-tax deducted in accordance with the provisions of—
(A) item 1 of this Part, shall be increased by a
surcharge, for purposes of the Union, calculated,—
(i) in the case of every individual, Hindu
undivided family, association of persons and body of individuals, whether
incorporated or not, at the rate of ten per cent of such tax where the income
or the aggregate of such incomes paid or likely to be paid and subject to the
deduction exceeds ten lakh rupees;
(ii) in the case of every artificial juridical
person referred to in sub-clause (vii) of clause (31) of section
2 of the Income-tax Act, at the rate of ten per cent of such tax;
(iii) in the case of every firm at the rate of ten
per cent of such tax where the income or the aggregate of such incomes paid or
likely to be paid and subject to the deduction exceeds one crore rupees;
(B) item 2 of this Part, shall be increased by a
surcharge, for purposes of the Union, calculated,—
(i) in the case of every domestic company at the
rate of ten per cent of such income-tax where the income or the aggregate of
such incomes paid or likely to be paid and subject to the deduction exceeds one
crore rupees;
(ii) in the case of every company other than a
domestic company at the rate of two and one-half per cent of such income-tax
where the income or the aggregate of such incomes paid or likely to be paid and
subject to the deduction exceeds one crore rupees.
PART III
RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX
FROM INCOME CHARGEABLE UNDER THE HEAD “SALARIES” AND COMPUTING “ADVANCE TAX”
In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or deducted from, or paid on, from income chargeable under the head “Salaries” under section 192 of the said Act or in which the “advance tax” payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, “advance tax” [not being “advance tax” in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or fringe benefits chargeable to tax under Chapter XII-H or income chargeable to tax under section 115JB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act at the rates as specified in that Chapter or section or surcharge on such “advance tax” in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BB or section 115BBA or section 115BBC or section 115E or section 115JB or fringe benefits chargeable to tax under section 115WA] shall be charged, deducted or computed at the following rate or rates:—
Paragraph A
(I) In the case of every individual other than the individual
referred to in items (II) and (III) of this Paragraph or Hindu
undivided family or association of persons or body of individuals, whether
incorporated or not, or every artificial juridical person referred to in
sub-clause (vii) of clause (31) of section 2 of the Income-tax
Act, not being a case to which any other Paragraph of this Part applies,—
Rates of income-tax
|
(1) |
where the
total income does not exceed Rs. 1,50,000 |
Nil; |
|
(2) |
where the
total income exceeds Rs.1,50,000 but does not exceed Rs. 3,00,000 |
10 per cent of
the amount by which the total income exceeds Rs. 1,50,000; |
|
(3) |
where the
total income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 |
Rs. 15,000 plus
20 per cent of the amount by which the total income exceeds Rs. 3,00,000; |
|
(4) |
where the
total income exceeds Rs. 5,00,000 |
Rs. 55,000 plus
30 per cent of the amount by which the total income exceeds Rs. 5,00,000. |
(II) In the case of every individual, being a woman resident in
India, and below the age of sixty-five years at any time during the previous
year,—
Rates of income-tax
|
(1) |
where the
total income does not exceed Rs. 1,80,000 |
Nil; |
|
(2) |
where the
total income exceeds Rs. 1,80,000 but does not exceed Rs. 3,00,000 |
10 per cent of
the amount by which the total income exceeds Rs. 1,80,000; |
|
(3) |
where the total
income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000 |
Rs. 12,000 plus
20 per cent of the amount by which the total income exceeds Rs. 3,00,000; |
|
(4) |
where the
total income exceeds Rs. 5,00,000 |
Rs. 52,000 plus
30 per cent of the amount by which the total income exceeds Rs. 5,00,000. |
(III)
In the case of every individual, being a resident in India, who is of the age
of sixty-five years or more at any time during the previous year,—
Rates of income-tax
|
(1) |
where the
total income does not exceed Rs. 2,25,000 |
Nil; |
|
(2) |
where the
total income exceeds Rs. 2,25,000 but does not exceed Rs. 3,00,000 |
10 per cent of
the amount by which the total income exceeds Rs. 2,25,000; |
|
(3) |
where the total
income exceeds Rs.3,00,000 but does not exceed Rs. 5,00,000 |
Rs. 7,500 plus
20 per cent of the amount by which the total income exceeds Rs. 3,00,000; |
|
(4) |